Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (9,699)	$ 2,702
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	14,970	13,274
Amortization of deferred franchise fees	66	60
Amortization of deferred financing fees included in interest expense	358	480
Loss on sale of hotel property	0	43
Gain on sale of investment in unconsolidated real estate entities	0	(23,817)
Share based compensation	1,294	1,156
Loss from unconsolidated real estate entities	0	1,231
Changes in assets and liabilities:
Right of use asset	169	161
Hotel receivables	(625)	(818)
Deferred costs	(206)	0
Prepaid expenses and other assets	(6,740)	(4,617)
Accounts payable and accrued expenses	(3,620)	(1,797)
Lease liability	(142)	(130)
Net cash used in operating activities	(4,175)	(12,072)
Cash flows from investing activities:
Improvements and additions to hotel properties	(4,131)	(1,115)
Acquisition of hotel properties	(31,013)	0
Investment in hotel properties under development	(2,947)	(8,889)
Proceeds from sale of unconsolidated real estate entity	0	2,800
Net cash used in investing activities	(38,091)	(7,204)
Cash flows from financing activities:
Borrowings on revolving credit facility	40,000	8,000
Repayments on revolving credit facility	0	(23,300)
Borrowings on construction loan	3,443	8,432
Payments on mortgage debt	(2,280)	(2,300)
Payment of financing costs	(173)	(142)
Proceeds from issuance of common shares	14	21,294
Distributions-common shares/units	(147)	(281)
Distributions-preferred shares	(1,987)	0
Net cash provided by financing activities	38,842	11,185
Net change in cash, cash equivalents and restricted cash	(3,424)	(8,091)
Cash, cash equivalents and restricted cash, beginning of period	29,869	31,453
Cash, cash equivalents and restricted cash, end of period	26,445	23,362
Supplemental disclosure of cash flow information:
Cash paid for interest	6,355	6,698
Capitalized interest	330	690
Cash paid for income taxes	53	2
Common Shares
Cash flows from financing activities:
Payment of offering costs on common shares	$ (28)	$ (518)